Posted on 07/26/2017 5:10:06 PM PDT by sunrise_sunset
Top White House adviser Steve Bannon is pushing for tax reform to include a new 44 percent top marginal tax rate, hitting people who earn more than $5 million a year, with the revenue paying for tax cuts for the rest, according to three people who’ve spoken to him recently.
Make the system MORE “progressive” (like cancer, presumably)???? What an idiot. We need more people understanding government is too big, not more people that think it’s a magic lamp. Pare Romney’s 47% back down to 10% or something.
Make it 95% on rich DEMOCRATS and I’ll support it. If, as democrats say people don’t mind paying higher taxes then let them put their money where their mouth is.
I know the argument that cutting taxes on the rich will help create jobs, but I’ve never been hired by a rich individual. I’ve been hired by corporations. As long as they cut corporate taxes I’m not getting worked up over this. The rich will find a way to avoid paying anyway.
Four people have told me that this story is a crock.
According to a super secret source who is not authorized to disclose anything to anyone, this is fake news.
TWB
This would be to fund dropping corporate tax rate to 15%, which would drastically benefit the rich more than anyone else. This actually makes a lot of sense and would net benefit the rich by a large margin due to a 20:1 Price+ to earnings ratio to stock prices.
Yup, the effective rate on the rich would be net zero as the $200b increase on the personal side would be offset by a $200b decrease on investment/business tax income. With stock’s trading at 20:1, that’s effectively a $400b equity value increase immediately ($20b/yr * 20 P/e ratio) for $20b increase in personal taxes. Pretty good trade for the rich.
There was a 90% tax in the 1950s and the rich paid very low to nothing.
Get your snout out of health care and you won’t need any tax increases.
Make a change guaranteed to boost the economy more than any other change might do that doesn’t starve the government of revenue- a flat income tax of 9% or thereabouts, no deductions, exemptions, or credits. The government will not lose revenue and in the second year will increasingly gain revenue, that feature being the chief drawback.
They don’t call ‘em “very rich” for nothing!!! They can AFFORD it!!! ;)
What would the corporate tax be if they ONLY funded Defense. They benefit more than the average Joe even though WE pay their taxes ultimately.
Sometimes some sacrifices need to be made. The Dems are forever repeating “tax cuts for the rich” to attack Republicans. Even if we make a 1% increase on the to 1%, while drastically lowering taxes for everyone else, the Republicans can say, “we increased taxes on the rich” — this can be beneficial politically.
We have to be smart. Not stupid like Republicans usually are.
That bastard! He’ll force all of us rich guys to get our income through lower taxed dividends and capital gains! /S
Also, this is racist—it will hit high-wage earners like athletes and celebrities much harder than investors, mostly white, who will be taxed at lower capital gains rates. Minorities hardest hit, as usual.
You do realize, that what you’re proposing would completely destroy the economy, right?
Some years, I pay that now.
Normally closer to 30% after the local, state, and federal taxes. But a few times I sold some things and had a major tax hit (Trust went into effect).
Your inner commie is showing.
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